Cross-chain protocol Wormhole received US$225 million in investment and was valued at US$2.5 billion.
According to the announcement on November 29, the investment round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dilectic, Borderless Capital and Arrington Capital.
The Wormhole Foundation also announced the launch of Wormhole Labs, which the company describes as “an independent technology company dedicated solely to building products, tools and reference implementations that help facilitate cross-chain activity and development.” Currently, its blockchain to Blockchain’s communication technology is used to bridge assets, power oracle feeds, and transfer non-fungible tokens.
Wormhole launched in 2021 and has facilitated more than $35 billion in transactions to date. The developers claim that the protocol handles more than 2 million cross-chain messages per day across more than 30 chains.
In February 2022, Wormhole was hacked due to an unauthorized minting failure on the Ethereum-Solana bridge, resulting in losses of more than $321 million. Shortly after the incident, venture capital firm Jump Crypto pledged to replenish the more than $320 million in funds lost during the hack.
In May of this year, investors in the former Terra ecosystem filed a lawsuit against Jump Trading, the high-frequency trading company that owns Jump Crypto, accusing the company and its CEO Kanav Kariya of manipulating the price of TerraUSD to make approximately $1.3 billion in profits. The allegations have not been proven in court.
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